Natural catastrophes (Nat Cats)
Nat cat ‘new normal’ leads to emergence of globetrotting catastrophe adjusters
A “new normal” with regard to natural catastrophes has led to the rise of a globetrotting type of loss adjuster that is able to move from the aftermath of one event after another, according to McLarens.
How natural catastrophes and inflation are creating a perform storm for insurance
Data analysis: Increasing natural catastrophe losses and shortfalls in industry estimates point to the need for the insurance sector to better understand the risk factors at play today, according to the latest Swiss Re Institute report.
Big freeze pushes RSA's personal lines to Q4 underwriting loss
Adverse weather drove RSA’s personal lines business to an underwriting loss in 2022, with freezing winter temperatures and dry summer conditions pushing its full-year combined ratio to 106.2%.
View from the top: Aviva's Winslow on how to ensure that the construction of safe and low-carbon buildings continues
Adam Winslow, CEO of UK & Ireland GI at Aviva, reveals the steps insurers will need to take to insure low-carbon building construction, and why more than a move from concrete to sustainable timber will be required.
Reinsurers reveal key takeaways from 'challenging' renewals
Reinsurers have reported that renewals went down to the wire on 1 January, as rapid changes in economic conditions resulted in tense and late, but largely completed, insurance deals.
Lloyd's syndicates may need to revise plans as they grapple with unprecedented circumstances, says Tiernan
Many Lloyd’s syndicates may need to resubmit their business plans for 2023 in the New Year as they grapple with a set of market circumstances that are “without recent precedent”, Lloyd’s chief of markets Patrick Tiernan has said.
Airmic tips parametrics for key role as members label traditional policies' nat cat coverage inadequate
Over three quarters of corporate insurance buyers think that traditional property damage and business interruption policies do not adequately cover natural perils, according to a survey by Airmic.
Intelligence: Fears rise over flood affordability for all UK homes
The Bank of England has warned in its latest Stress Test that if no additional action is taken on climate change, then insurance could become unaffordable to some UK homes when Flood Re ends in 2039. Edmund Tirbutt investigates
Clyde & Co merges with BLM; Beazley unveils underwriting structure; KGM buys Eridge Underwriting Agency; Blanc becomes WWF ambassador; and Swiss Re warns of global protection gap
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Hiscox expects minimal Ukraine conflict impact but ‘too early to speculate’ on cyber
Hiscox is anticipating the crisis in Ukraine will have a limited impact on its business, both directly and indirectly.
Blog: Lessons from Covid-19 - building greater resilience
Zurich’s head of sustainability risk John Scott reflects on the UK's response to Covid-19 pandemic and what lessons insurers can take away from it to build greater resilience to global risks
Zurich risk chief warns refusing sectors cover is not the answer to net-zero transition
Insurers should resist removing cover for sectors that face being made obsolete by a move to a net-zero economy despite deteriorating risks profiles, Zurich’s group chief risk officer Peter Giger has said.
QBE’s Jason Harris on three challenges for 2022
For many, the start of a new year is a time to reflect, reset or retune for the future. Jason Harris, CEO of QBE International, shares three things on his mind for 2022 – two quite broad, one much more specific – that he believes the industry needs to…
Swiss Re reports nat cat losses fourth worst since 1970; Davies buys BVS; Leak Bot to go public after reverse takeover; and Ryanair teams up with insurtech
Post wraps up the major insurance deals, launches and investments of the week
January renewals going down to the wire amid 'Mexican standoff', says Catlin
A “Mexican standoff” between brokers and reinsurers ahead of the busy 1.1 reinsurance renewals means the industry is facing a “monumental” workload before the end of the year, Convex CEO and chairman Stephen Catlin has said.
Top 30 Asia Insurers 2021: Resilience under pressure
Asia Pacific non-life insurers have proven their agility and tenacity in overcoming headwinds over the past year to deliver solid results. Christie Lee, senior director of analytics for Asia-Pacific at AM Best, discusses the region’s scorecard
Unpredictable weather and energy transition driving property risks uncertainty, insurers caution
As climate change takes hold, the risks faced by commercial properties may be exacerbated not only by more severe weather, but also by measures taken to transition to a greener energy production, insurers said at this week’s Airmic conference.
Analysis: Europe's costliest weather event
Floods caused by torrential rain across western and central Europe in July are likely to become the continent’s costliest weather event, raising the question of how prepared at-risk communities and insurers are to deal with the onset of climate change.
'Anomaly' Tractable becomes latest UK insurtech unicorn as it diversifies into property after $60m Series D raise
Motor accident and recovery artificial intelligence specialist Tractable is to diversify into property having become the latest UK-based insurtech to acquire unicorn status with a $60m (£43m) Series D raise jointly led by Insight Partners and Georgian…
First insurance ESG Framework unveiled; Ardonagh acquires Usay Gp; James Hallam adds trio of buys; and Right Choice completes Bennetts deal
Post wraps up the major insurance deals, launches, investments and strategic moves of the week not covered elsewhere on www.postonline.co.uk
Blog: The insurance-linked securities education gap
It is vital that the education gap around insurance-linked securities is addressed, say Phoenix C Retro CEO Kirill Savrassov and Axa XL assistant underwriter Toby Pughe.
Big four reinsurers look to hardening market after Covid bites to the tune of £6.5bn
The big four reinsurers believe they are poised to take advantage of the hard market in 2021, with all but Swiss Re reporting profit in 2020 despite a combined property and casualty pandemic hit of £6.5bn.
Insurer results directory 2020
Updated: Post tracks the 2020 insurer results season including gross written premium and combined operating ratio - detailing the impact of UK business interruption, weather, motor, home, non-business interruption Covid-19 claims, as well as mergers and…
Rising Star: Mike Ford, Sedgwick International UK
Sedgwick’s graduate training programme ticked all the right boxes for Mike Ford. Five years on, he’s worked on two international cats and is the youngest qualified accountant on the team.